[Alpha Biz= Reporter Kim Jisun] According to GS on the 9th, the consolidated operating profit for the first quarter of this year stood at 1.163 trillion won, with a net profit of 476 billion won. While this marked a slight decrease of 5.8% and 8.7% compared to the same period last year, it surged by 36.9% and 297.8% compared to the previous quarter, signaling a revitalization.
During the same period, sales recorded 6.289 trillion won, showing a decrease of 7.7% and 3.1% compared to the same period last year and the previous quarter, respectively.
GS Caltex, which struggled over the past year, turned the tables in the first quarter. GS Caltex's operating profit for the first quarter reached 4.166 trillion won, marking a 36% increase compared to the same period last year. It was the largest increase in operating profit among major subsidiaries.
Although refining margins decreased slightly compared to the same period last year, the improvement in inventory-related gains due to the gradual rise in oil prices contributed to the overall improvement in operating profit in the oil sector. As a result, the operating profit in the refining sector increased by 106% compared to the same period last year, driving overall improvement in GS Caltex's operating profit.
However, the decline in the wholesale electricity price (SMP) weakened the profitability of power generation subsidiaries. During this period, GS EPS reported an operating profit of 106.7 billion won, a decrease of 46% compared to the same period last year. This was largely due to a sharp decline in the average SMP price, which fell by 45% compared to the same period last year, to 131 won.
GS E&R, with a relatively less affected revenue structure by SMP fluctuations, saw its operating profit decrease by 5% compared to the same period last year, amounting to 539 billion won. However, due to the impact of SMP decline, its sales decreased by 30% compared to the same period last year.
GS Energy saw an increase in operating profit thanks to GS Caltex, but the group's energy sector suffered a decrease in revenue due to the decline in SMP. GS Energy recorded sales of 17.331 trillion won and operating profit of 758.4 billion won in the first quarter, marking a 7% decrease and 12% increase, respectively, compared to the same period last year.
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AlphaBIZ Kim Jisun(stockmk2020@alphabiz.co.kr)
